UK-listed Pembridge Resources sinks on financial woes

Pembridge Resources

15/05/2023 08:42

** Shares of Pembridge Resources Plc  PERE.L  plunge as much
as 78.4% to a record low of 0.313p, stock top pct loser across
London shares
    ** Canada-focused base and precious metals explorer says
Canadian copper producer Minto Metals Corp unlikely in a
position to repay co about C$2 mln ($1.5 mln) following
suspension of operations at its Minto mine in Yukon, unless it
raises capital in near term 
    ** Pembridge says payment from Minto critical to cash flow
of co for next 12 months
    ** Pembridge's board starts a process of assessing co's
ability to continue as a going concern and a review of all
available options given its difficult financial position 
    ** PERE says investment in Minto and Minto receivable
represent over 90% of co's assets
    ** Stock set to post worst day since Dec. 16, 2019, if trend
holds 
    ** Shares currently down about 76%, taking YTD losses to
~81%


($1 = 1.3372 Canadian dollars)

 (Reporting by Aby Jose Koilparambil in Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))